The importance of mentoring in a coworking space

While many people may think that coworking is merely working on your own projects while sitting around other entrepreneurs and sharing a workspace, there are many additional benefits to coworking. In previous posts I have mused about the importance of sharing library resources, and even having a coffee break and hanging out with other entrepreneurs at the office.

Depending on the type of coworking space you have, you may or may not have mentorship activities built within. In the case of The Network Hub, entrepreneurs not only have a shared space and the resources to build their business (wireless, physical mailbox, etc.) They can also benefit from mentorship activities.

My own experience as a coworker at The Network Hub has been strongly enhanced by the fact that I have regular meetings with Minna Van, one of the co-owners of this coworking space. We meet about once a week, and we talk about our business. We discuss how things are going, in terms of how we use the time, particular challenges, and all the while, respecting the privacy and anonymity of our clients.

Having these mentoring meetings is definitely one of the best benefits of a launch pad like The Network Hub. While not every coworking space is modeled this way, even if the formal element of mentorship is not incorporated, it’s always good to have at least informal gatherings of entrepreneurs where they can share concerns, ideas, thoughts and challenges. It’s good to have a support group!

Dr. Raul Pacheco-Vega is a Vancouver-based researcher, educator and consultant in the environmental public policy field. He conducts research in water governance, urban sustainability, comparative environmental policy and economic geography. Dr. Pacheco-Vega’s consulting studio has a home at The Network Hub.

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Shared caffeine? Coworking and community building around coffee breaks

Caffeine is a great resource for anybody who needs to wake up in the morning and do work. Personally, I like my coffee strong, black, without cream nor sugar. And more importantly, I like having my coffee surrounded by people. I find that great ideas start to float in my head whenever I am having a coffee break.

But I always wondered if this could be a central element around which coworkers could grow community. A few weeks ago, I asked the members of the Coworking Google Groups whether they thought that having a shared coffee maker would help build community around a coffee break. I got a few responses back, everyone agreeing that it was a good idea.

The thing that really struck me was this thought from Alex Hillman, the co-founder of Indy Hall and widely respected as one of the early builders of the coworking movement. Alex replied to my email saying, amongst other things:

I wouldn’t dismiss the coffee pot (or a water cool) as a social/community building tool so quickly. Having community “places” within the office, no matter how small, provide a reason for someone to get up from their desk and bump into/converse with someone.

For a few months now, at The Network Hub, we’ve begun to share our coffee breaks as we now have a brand new, sleek and stylish coffee maker (espresso/drip) at the office. I named it “Monique” in honor of a dear friend of mine and a fellow entrepreneur, Monique Trottier. Monique Trottier is a wonderful, brilliant entrepreneur, who also has a fantastic sense of style. Since Monique (the coffee maker) is also sleek and beautiful, I thought the name was appropriate. And yes, I think that sharing coffee breaks has in a way helped continue growing the relationship between the community of entrepreneurs at The Network Hub.

Dr. Raul Pacheco-Vega is a Vancouver-based researcher, educator and consultant in the environmental public policy field. He conducts research in water governance, urban sustainability, comparative environmental policy and economic geography. Dr. Pacheco-Vega’s consulting studio has a home at The Network Hub.

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Before you launch; things to consider before opening a business

For years I’ve worked with entrepreneurs as they go from bright idea to start-up business. Some people agonize over whether or not to launch. Others become reluctant entrepreneurs by inheriting a business or due to the sudden need for additional income. The decision to open a business can be complex both personally and professionally and for this reason the pre-start-up issues occupy a great deal of time in my introductory workshops. Start by asking yourself some questions. First, why are you starting this business? Is this an outgrowth of another career, do you have the “better mouse trap” the world is waiting for, or are you seeking a new stream of income?

Before opening a business there’s a lot of homework to be done. You need to thoroughly research your industry and your competition. After you launch is the wrong time to find out you don’t know who your target market is. Whether or not you plan to seek outside funding, your financial house should be in order as well. Your business plan should include a realistic view of projected cash flow and you need a good understanding of the responsible use of credit.

Do a personal assessment of your skills and talents. How are you going to fill in the gaps in your skill set? Most successful entrepreneurs have team around them to provide the specialized knowledge and abilities outside their core business talent. You will have to budget for and pay for some of these experts to do things like set-up your books or file your taxes. What’s your business model? Some businesses require you maintain an office, while others can be operated totally online. Are you looking at renting a storefront or will virtual office space be smarter? Location and communication methods are dependent upon knowing your market and how and where they shop.

The self-employed are some of the happiest people around. But like any major life decision you need to think carefully before taking the path of entrepreneurship. Consider how running a business will fit into your life and how you will pay bills during the start-up phase.

About the author: “Karen Southall Watts 

has been training and coaching entrepreneurs for over a decade. She teaches business courses for Bellingham Technical College.”

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The magic of word-of-mouth marketing

People are funny. No matter how smart or logical we consider ourselves we still prefer to buy products and services from those we feel we know and trust. This is true even if we “know” them by association only. This desire to do business with people we feel a connection to is the foundation of word-of-mouth marketing. A referral or recommendation is a powerful thing. When someone recommends a business to us we assume they have already vetted the business and it passed the test.

Once you understand how important word-of-mouth marketing can be you must beware of what I call the “angry customer rule”.  It turns out that customers who feel cheated or feel they received low quality goods or services are far more eager to talk about their experiences than satisfied customers. Call it human nature, but we just don’t seem to be able to resist sharing our bad business war stories with anyone and everyone who will listen. Getting happy customers to talk up your business is a bit more difficult, and we all know it. This is the reason a recommendation carries so much weight.  So what can you do to encourage customers to share their delight in your business?

• Ask your customers to refer people to you—thank them EVERY time they provide you with a lead
• Follow up on leads in a timely manner—don’t make people wait for your call for days and days
• Be responsive to your customers’ comments and concerns—show willingness for constant improvement
• Provide referrals to others freely—word-of-mouth marketing is based on relationships and you need to do your share

Whether you call it generating buzz or turning customers into fans, word-of-mouth marketing is an essential part of your marketing mix. Recommendations are golden. 

About the author: “Karen Southall Watts has been training and coaching entrepreneurs for over a decade. She teaches business courses for Bellingham Technical College.”

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Networking your way to success

John Donne famously said, “No man is an island”. When it comes to entrepreneurs this statement is absolutely true. Business involves exchanges of goods or services for money (or other goods and services in the case of bartering) and is based upon relationships. To do business you must connect, and the best way to connect is through networking. Just putting up a website or printing business cards is no more effective than putting a sign in the front yard. Networking puts a face on your brand. Your contacts will become your customers, clients and sources of referrals. Without them you are trying to function in isolation—making yourself a business island.

Ideally your networking will include a good mix of formal networking, informal and one-to-one networking and social networking through technology. By blending the approaches you can increase your chances of success. For example, formal networking events like the Vancouver Entrepreneur Meetup give you access to a group of professionals who arrive ready and willing to network. They are there to share and listen and are super receptive. One-on-one meetings give you the chance to get more in depth with your contacts and to really delve into how you can create win-win opportunities. When possible try to schedule at least one of these during your formal event. In other words leave the Meetup with more than a handful of cards. Finally be sure to add technology based options to your networking blend. Social media sites allow you to exchange information with and connect with people from all over the world. You can stay in touch ‘round the clock and provide up to the minute updates on your newest projects and products.

People can’t engage you for projects or buy your products if they don’t know anything about you. Networking skills are what set the successful apart from the entrepreneurs who struggle.

About the author: “Karen Southall Watts has been training and coaching entrepreneurs for over a decade. She teaches business courses for Bellingham Technical College.”

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Who’s afraid of networking?

Life is about connections. Business doesn’t happen in a vacuum; it happens between people. Networking is a key function in almost every business and career, so what keeps us from doing it? Perhaps it’s our lack of understanding of the networking process. Or maybe it’s our fears, many unfounded, about doing it just right. Here are some of the most common stumbling blocks to networking

• It’s a waste of my time—it is hard for me to believe, but there are still some people who don’t see the value of networking. After over a decade of teaching and coaching entrepreneurs I still have to point out that personal brilliance or product novelty is simply not enough to create success.
• I won’t have anything to say—that’s okay, because some of the best networkers are great listeners. Real connections are made through conversations and not through elevator speeches.
• Everyone there will be trying to sell me something—how do you know that? There are lots of reasons for networking and one of the best is creating your “team”. Networking helps business owners to find that perfect accountant, real estate agent, or PR expert. Think of all the people who are shopping and not selling and you’ll feel more confident.
• I’m too shy—you don’t have to be “the life of the party” to be a good networker. There are no rules that state you need to meet everyone in the room or be the last to leave either. That’s the great thing about networking; it’s about building relationships and not sticking to a rule book. Focus on meeting a couple of people at each event and really connecting.

 About the author: “Karen Southall Watts has been training and coaching entrepreneurs for over a decade. She teaches business courses for Bellingham Technical College.”

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What’s so great about The Network Hub?

What’s so great about The Network Hub?   This is the question I was asking myself as I headed out to attend my first Vancouver Entrepreneur Meetup there this fall.

True to the internet photos, this Vancouver office space features wood floors, brick walls and the funky and upscale look so favored by young and trendy entrepreneurs. Beautiful spaces aside, are there any advantages to getting your Vancouver office space through The Network Hub?  Yes, and they aren’t all immediately visible.

The team runs a tight ship and thoroughly interviews every new tenant. Because they limits the group to one entrepreneur per industry, tenants immediately get the same advantages they might find in a formalized networking or leads group. Cooperation and collaboration abound as group members not only share office space but ideas. The downtown location near public transit and the vital areas of Vancouver is just a surface advantage. Vancouver office space at The Network Hub comes with all you might expect; shared reception, mailing address for your business and available meeting rooms.

However, The Hub team makes sure tenants get so much more. They reap the benefits of the team’s due diligence and hard work. They have the advantage of an economical Vancouver office space that comes with a dynamic and inspiring group of peers.

About the author: “Karen Southall Watts has been training and coaching entrepreneurs for over a decade. She teaches business courses for Bellingham Technical College.”

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